Wealthy Donors Urge Biden to Step Down
President Joe Biden is facing mounting pressure from some of his party's most influential donors, including Abigail Disney, the heiress to the Disney family fortune. These donors are threatening to withhold their financial support unless Biden withdraws from the presidential race following his poor debate performance against former President Donald Trump.
Abigail Disney, who has been a consistent financial backer of the Democratic Party, announced her decision to halt donations until Biden steps aside. In a statement to CNBC, she emphasized that her stance is based on realism, not disrespect. She warned that Biden's continued candidacy could lead to a Democratic loss, which she believes would have dire consequences.
Calls for Biden's Withdrawal Grow Louder
The pressure on Biden isn't limited to donors. Texas Representative Lloyd Doggett, a veteran Democrat, has publicly called for Biden to withdraw from the race. Doggett compared Biden's situation to President Lyndon Johnson's decision not to seek re-election in 1968, suggesting that Biden should make a similar choice for the greater good of the party.
Polling data supports the concerns of these donors and party members. A New York Times/Sienna College poll conducted after the debate showed Biden trailing Trump by six percentage points among likely voters. This has intensified the panic within the Democratic Party, with many fearing that Biden is not capable of closing the gap with Trump.
The Financial Impact of Donor Decisions
Abigail Disney isn't the only donor taking a stand. Gideon Stein, president of the Moriah Fund, has also decided to suspend $3.5 million in planned donations to non-profits and policies aligned with the presidential race unless Biden steps aside. Karla Jurvetson, another major Democratic donor, has expressed similar sentiments in private discussions with other donors.
These financial moves could have significant implications for the Democratic Party's campaign efforts. Disney, for instance, has been a major contributor to various Democratic causes, including a $50,000 donation to the Jane Fonda climate political action committee and $150,000 to Planned Parenthood Votes. The suspension of such donations could impact the party's ability to support its candidates effectively.
In her statement, Disney pointed to Vice President Kamala Harris as a strong alternative to Biden, suggesting that she could defeat Trump if given the chance. She urged the Democratic Party to unite behind Harris and overcome any perceived shortcomings related to race and gender.
- The broader Democratic Party has been in a state of panic since Biden's debate performance against former President Donald Trump last week. Rep. Lloyd Doggett, D-Texas, called on Biden to withdraw from the race, suggesting that his participation in the meeting showed voters that the president is incapable of taking on Trump and closing the gap with the presumptive Republican nominee in the polls.
- A New York Times/Sienna College poll taken after the debate showed Biden trailing Trump by 6 percentage points among likely voters. Representatives for the Biden campaign did not respond to requests for comment.
- Abigail Disney has been a longtime supporter of Democrats. She donated $50,000 to the Jane Fonda climate political action committee in April, according to a Federal Election Commission filing. The PAC has donated $35,000 to Democrats running for congressional seats, according to OpenSecrets data.
- Disney donated $150,000 in 2014 to Planned Parenthood Votes, a PAC affiliated with the healthcare nonprofit, according to OpenSecrets. That PAC this election cycle has spent more than $400,000 supporting Democrats, including $26,000 for Biden.
- Disney pointed to Vice President Kamala Harris as a strong alternative to Biden, arguing she could defeat Trump. 'We have an excellent vice president. If Democrats would tolerate any of her perceived shortcomings, even a tenth of what they have tolerated Biden's (and let's not kid ourselves about where race and gender figure in that inequality) and if Democrats can find a way to stop arguing and join her. We can win this election by a lot,' Disney said.
